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Originally posted by jsobecky
reply to post by Witness2008
Where has Obama socialized any part of our society.
The federal gov't now owns 60% of GM. If that isn't socialism, I don't know what is.
There was once a popular saying: "As GM goes, so goes the nation". Unfortunately, that will be true as long as Obama is in power.
Originally posted by georgepatrick
I see that lots of you people of USA are afraid of OBAMA because he could/would install a " socialist " society ...... ????? do you really believe that is socialism ??? because he did help GM ? because he wants better health care for all of your children up there ? because he wants more welfare for all and not only for the rich and famous ?
Who did bring USA into such a desastrous situation ?? the republicans !!! BUSH/REAGAN and Tatcher at our side !!!
who did kill normal market business ? ENRON + MADOFF and all the other bankers that did abnormal investments and fraud !! Who did ask for help ? GM and Chrysler and others in the first time ??
It would have been much more dramatic for USA and for the workers over there ( and for the world with crisis everywhere ) if Obama did not help GM for exemple.
Originally posted by ufo2009
Why does the majority of people on this site hate Barack Obama. He's a good guy and has improved america's standing in the world. He' is 100 times better president than George Bush, who was the worst president of all time. Bush sanctioned "Enhanced interrogation techniques" (torture) which is a WAR CRIME and also started a Phoney War agaist iraq on false wmd claims and falsey linking Saddam Hussien to the 9/11 attacks. warrentless wiretaps and making america the most hated country in the world.
Originally posted by its bologna
Originally posted by jsobecky
reply to post by Witness2008
Where has Obama socialized any part of our society.
The federal gov't now owns 60% of GM. If that isn't socialism, I don't know what is.
There was once a popular saying: "As GM goes, so goes the nation". Unfortunately, that will be true as long as Obama is in power.
I think you are mixing up the saying..it was orginally "As Iowa goes, so goes the nation."
Over the next four years, President Obama plans dramatic increases in spending on health care, environment, education, and federal employment. Yet, the private economy, which must be taxed, is likely to grow slowly, resulting in too much borrowing.
For years to come, federal finances will likely look a lot like Obama’s 2010 projection—the deficit at 50 percent of revenues and the Treasury borrowing $100 billion every month.
As President Obama spends and borrows, the Treasury will have to offer higher rates on new 10 and 20 year bonds, making comparable securities issued in 2009 and earlier worth less in the resale market.
That interest rate risk makes U.S. Treasury securities lousy investments.
For rating agencies, Washington’s monopoly on printing dollars makes difficult assigning a conventional rating between AAA and D on its bonds. Those can’t default but investors’ capital is still at risk.
Perhaps a special grade: “F” for flee them now before you get stuck
Originally posted by jsobecky
Obama did all of those things outside the law. Also, he guaranteed the warranties on GM and Chrysler vehicles. Under what law? There is no US law allowing the gov't to assume such a liability and charge the taxpayers for it
Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
The House passed its version of the Financial Services Act of 1999 on July 1st by a bipartisan vote of 343-86 (|Republicans 205–16; Democrats 138–69; Independent/Socialist 0–1),[3] [4] [5] two months after the Senate had already passed its version of the bill on May 6th by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and one Democrat in favor; 44 Democrats opposed).[6] [7] [8] [9]
When the two chambers could not agree on a joint version of the bill, the House voted on July 30th by a vote of 241-132 (R 58-131; D 182-1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary redlining).[10]
The bill then moved to a joint conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act and address certain privacy concerns; the conference committee then finished its work by the beginning of November.[8] [11] On November 4th, the final bill resolving the differences was passed by the Senate 90-8,[12] [13] and by the House 362-57.[14] [15] This legislation (whose voting margins, if repeated, would easily have overcome any Presidential veto) was signed into law by Democratic President Bill Clinton on November 12, 1999.[16]